Ok, i'm a clown that will bite. I went short earlier today on crude oil at 8838. I had a stop 100 ticks away. I exited the position at 8900 for my own reasons. What should i have done instead of placing a stop loss order/exiting the position? Note the market is now over 9000. (emg is also free to answer!)
Exactly right. It's part of the playbook after the first such event some years back. Always a "rogue trader" to cast the blame upon when shit goes south. To be honest, I think it inspires far less confidence in a bank that the "risk managers" would somehow fail to supervise these losses IF these stories were legit.
It was some smaller branch office if I remember correctly. Some hick named "Dudley" I think. Let's not forget that MF absorbed Refco which didn't have the most stellar reputation.
The crazy thing is, and this goes for the Soc Gen situation as well, these were not esoteric OTC products. I could understand an OTC swap that would take longer for the firm to receive counterparty confirmation on. Nuts. I don't get it.
Visaria!! Where have u been!!!! He is a rogue trader. Big difference between rogue trader and prop or house trader. Rogue traders are like smalltraders/retail traders. They cheat their way to get in the house and manipulate their bosses to trade more (bribing or gave them an offer they cant refuse). They have no discipline and are gambers Rogue traders are no different than Small Trades/Retail Traders meaning Rogue traders and smalltrader/retail traders will always lose. More than 90% of small traders lose. They just lose!
Ok, so any ideas on how this guy cheated his way into the "house" and on how he manipulated the bonus? What amount of bribe would he have given? An offer the boss couldn't refuse, eh? Horse's head on a pillow? An example of a rogue trader? http://www.youtube.com/watch?v=Ch8uCOPbH7I
Rogue Traders are the master of manipulator just like smalltraders/retail traders. they cheat and lie. For example, in this elitetrader.com forum, majority of them CLAIM to be a successful trader (everybody is a winner). Not only in eliteforum but other sites such as twitter. These small traders/retail traders lie hoping they would land a trading job in the house. Rogues traders and smalltraders share similarity. They are both gamblers, no discipline, and always blow their accounts. Most of all, they always lose!
This is for Small Traders/Retail Traders: Ask yourself this, why are you losing? I know you are losing. The answer to the question why u are losing is: u are a rogue trader. u keep blowing your account over and over and over again. Reload account and blow. Reload and blow. Reload and blow. U should call yourself, rogue trader!